ABCOMP and Tookitaki ink memo versus dirty money
THE ASSOCIATION of Bank Compliance Officers (ABCOMP) has signed a memorandum of understanding with Singapore-based anti-money laundering software provider Tookitaki Holding Pte. Ltd. to promote knowledge-sharing against dirty money.
“This collaboration is not only timely but aligns directly with our national agenda,” ABCOMP President Ma. Bernadette T. Ratcliffe said in a statement on Monday. “By partnering with Tookitaki, we are equipping our financial institutions with enhanced detection and prevention capabilities, which are critical for meeting FATF (Financial Action Task Force) requirements and restoring global confidence in the Philippines’ financial system.”
Under the partnership, the parties will set up a framework for knowledge-sharing sessions and collaborative initiatives.
ABCOMP members will gain access to Tookitaki’s library of anti-money laundering and fraud scenarios that is regularly updated to reflect the latest trends.
Tookitaki’s Anti-Financial Crime Ecosystem provides a platform that connects global financial experts and institutions, while ABCOMP offers knowledge of chief compliance officers within the Philippine banking sector.
“Our shared goal is to create a more robust and effective approach to financial crime prevention in the Philippines,” Tookitaki founder and Chief Executive Officer Abhishek Chatterjee said in the statement.
“By pooling our resources and expertise, we can make significant strides toward enhancing compliance and restoring confidence in the financial system,” he added.
Tookitaki will also support the development of a quarterly white paper to share insights with the financial community and regulators.
The partnership was made to help the Philippines get out of the FATF’s “gray list” by next year, ABCOMP said.
The FATF last month kept the Philippines on its list of jurisdictions under increased monitoring for dirty money risks. The country has been on the gray list since June 2021.
Still, it said the country has addressed the remaining deficiencies in its recommended actions.
The dirty money watchdog is set to conduct an onsite visit to verify the Philippines’ progress in its action plan and implementation of reforms. This will to take place between now and February 2025. — Aaron Michael C. Sy
